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In the early days of a business venture when things are still new and exciting it’s easy to become so passionate about your ideas and plans that you fail to see the potential downsides and put adequate safeguards in place.Writing a business plan will force you to look at your product or service objectively and understand your strengths as well as your weaknesses.Having things in writing will also make it easier to monitor your company’s performance and identify areas where you might be falling short.
When starting your own business you’ll probably have a number of partners, investors and employees, and each person may have his or her own idea of how the company should be run and what its goals and objectives should be.
Having a business plan will put everyone on the same page and prevent any misunderstandings early on.
Start-up business plans are highly speculative because the business is unproven.” On the other hand, a well-established business has the validity of years of experience and can develop a more detailed plan from the start.
So how much detail you should include in your business plan may depend on your reasons for writing it.
Preparing To Write Your Business Plan Writing Your Business Plan Finalizing Your Business Plan Help Writing a Business Plan Show 1 more... He has over 40 years of experience in Business & Finance.
Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas.
There are 15 references cited in this article, which can be found at the bottom of the page.
A business plan refers to a written document that comprehensively outlines what your business is, where it is going, and how it will get there.
“Creating a business plan is by nature iterative, so most start out on the simple side,” he says.
“As Market Analysis assumptions are proven and new information becomes available, the plan evolves.